Stocks Ahead on Trade Truce

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Stocks in Asia saw gains on Monday after Presidents Donald Trump and Xi Jinping agreed to a temporary trade truce between the United States and China.

The Nikkei 225 leaped 233.2 points, or 1%, to 22,574.76, and the Japanese yen, widely seen as a safe-haven currency, was at 113.50 against the dollar after touching highs around the 112.9 handle in the previous trading week.

The Australian dollar traded at $0.7375 U.S. after hitting lows around $0.72 last week.

CHINA

In Shanghai, the CSI 300 gained 88.26 points, or 2.8%, to 3,260.95

The moves came following a new reading on economic activity in China, the Caixin Manufacturing Purchasing Managers' Index, which showed factory activity grew slightly in November compared to the previous month.

The Caixin/Markit Manufacturing Purchasing Managers' Index for November rose to 50.2 from 50.1 in October. Economists had forecast a reading of 50.0, the level that separates expansion from contraction.

Also, Chinese President Xi Jinping and U.S. President Donald Trump agreed to a momentary pause on escalating the ongoing trade war between the two economic powerhouses.

In other markets

In Taiwan, the Taiex index powered up 249.84 points, or 2.5%, to 10,137.87

In Korea, the Kospi index popped 35.07 points, or 1.7%, at 2,131.93

In Singapore, the Straits Times Index picked up 73.01 points, or 2.3%, to 3,190.62

In New Zealand, the NZX 50 added 52.55 points, or 0.6%, to 8,876.09

In Australia, the ASX 200 thundered ahead 104.01 points, or 1.8%, to 5,771.16